International Conference on Eurasian Economies
1-3 July 2014 – Skopje, MACEDONIA
Paper detail
Paper ID : 852
Status : Paper published
Language : Turkish
Topic : Natural Resources and Environment
Presenter: Assoc. Prof. Dr. Elchin Suleymanov
Session : 3D Büyüme
The Impact of the Oil Revenues on the Standard of Living in Oil-Exporting Countries of the Former Soviet Union
SSCB Sonrası Petrol İhraç Eden Ülkelerde Petrol Gelirlerinin Yaşam Standartlarına Etkisi
- Prof. Dr. Cihan Bulut (Qafqaz University, Azerbaijan)
- Assoc. Prof. Dr. Fakhri Hasanov (Qafqaz University, Azerbaijan)
- Assoc. Prof. Dr. Elchin Suleymanov (Baku Engineering University, Azerbaijan)
Abstract
The aim of our study is to examine the impact of the oil revenues on the standard of living in oil-exporting countries of the former Soviet Union and to make policy suggestions based on the obtained findings. It has been explain that resource dependency adjust the structure of these countries' economies, which leads to income inequality compensation changes in different sectors of the economy. Characteristic of resource- rich of post-Soviet oil exporters countries - Russia, Kazakhstan and Azerbaijan have been analyzed. It has been demonstrated that dependency on resources modifies the structure of these countries’ economies, which leads to income inequality based on employment via a mechanism of labor compensation changes in different sectors of the economy. We are going to employ co-integration and error correction methods in our empirical analysis. Is there a long-run relationship between the oil revenues and the standard of living in oil-exporting countries of the former Soviet Union; What is the role of dynamics of the oil revenues in the standard of living in the short run; What is the magnitude of speed of adjustment from the short-run fluctuation towards long-run equilibrium of the system; What is the direction of long- and short-run causality in the oil revenues - standard of living relationship.
JEL codes: C22, I31, P28
Bulut, Cihan, Hasanov, Fakhri, Suleymanov, Elchin (2014). "The Impact of the Oil Revenues on the Standard of Living in Oil-Exporting Countries of the Former Soviet Union" in Proceedings of International Conference of Eurasian Economies 2014, pp.758-764, Skopje, MACEDONIA.
DOI: https://doi.org/10.36880/C05.00852
